industrial wearable Market

The global industrial wearable market was valued US$ 2.89 Bn in 2019 and is expected to grow at a CAGR of 15.0% during 2020-2027, to account for US$ 8.63 Bn in 2027.

The escalating demand for workplace safety and personnel monitoring, and increasing popularity of wearable devices are few of the factors driving the industrial wearable market worldwide. However, price sensitivity in developing nations and limited reach to SMEs are restraining the growth of industrial wearable market. Despite these limitations, the growth in manufacturing sector is anticipated to offer ample growth opportunities for the industrial wearable market players during the forecast period. The sector continues to witness a massive investment in the adoption of various automated and smart industrial solutions. Additionally, data-driven solutions to mitigate unanticipated errors, faults, and damage through predictive techniques have gained popularity among several leading manufacturers and enterprise owners. The growing demand for wearable products across different industrial applications for monitoring fatigue, exhaustion, medical condition, and fitness level of workers to minimize the workplace accidents is anticipated to provide substantial lucrative growth opportunities to the market players in the coming years. Moreover, the stringent government and regulator policies to minimize personnel-based workplace accidents are also anticipated to favor the market growth through continuous monitoring of the individuals.

The industrial wearable market has been segmented on the basis of product, component, end-user industry, and geography. The industrial wearable market, based on product, has been segmented into AR glasses, VR headsets, smart watches and smart bands, patches, and others. The AR glasses segment held the prime share of the market in 2019. On the basis of component, the industrial wearable market has been segmented into processors and memory modules, optical systems and display, electromechanical components, connectivity components, camera modules, and others. The optical systems and display segment led the industrial wearable market in 2019, and it is anticipated to continue be the largest shareholder in the market during the forecast period. Based on the end-user industry, the industrial wearable market has been segmented into automotive, aerospace, manufacturing, oil & gas, energy & power, and others. The industrial wearable market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Europe held the lion's share of the market in 2019 and is expected to continue its dominance, in terms of market share, by 2027.

The overall global industrial wearable market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the pipe relining market with respects to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the industrial werable industry. A few of the players operating in industrial wearable market are Blackline Safety Corp., Fatigue Science, Kenzen, Inc., KINETIC, M?kuSafe, Modjoul, Inc., PROGLOVE, Reactec Ltd., Valencell. Inc, and Vuzix Corporation.